Buy New or Fix Old??

I have a 2001 Honda Accord that I purchased new. I have followed my regular maintenance schedule etc, and really have never had any major issues with my car(thankfully). Just regular stuff that goes wrong with age i.e. timing belt, brakes, joint,etc. However, just yesterday the check engine light went on. Also, Ive had the SMS light on for some time. I am taking it to the mechanic on Monday. This event has made me question is when is it time to buy a new car vs. fix an old one? I know there is a bunch to consider, but my trade in value keeps going down every year. I know I will eventually buy another car, but should I wait until my car completely breaks down i.e. no trade-in value or should I buy now that I still have some value???

I have a 2001 Honda Accord that I purchased new. I have followed my regular maintenance schedule etc, and really have never had any major issues with my car(thankfully). Just regular stuff that goes wrong with age i.e. timing belt, brakes, joint,etc. However, just yesterday the check engine light went on. Also, Ive had the SMS light on for some time. I am taking it to the mechanic on Monday. This event has made me question is when is it time to buy a new car vs. fix an old one? I know there is a bunch to consider, but my trade in value keeps going down every year. I know I will eventually buy another car, but should I wait until my car completely breaks down i.e. no trade-in value or should I buy now that I still have some value???

My '99 Quest with 197k just died about 30 miles from my brother's house. Good timing; found a tow and a mechanic in a small town who hopes to get it going tomorrow. No huge biggie since we can stay in Chattanooga for as long as we need.

The biggest issue is that this is the second tow in about 18 months and my wife is getting a bit dubious about driving it much longer.